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United States Are we witnessing the end of traditional film making in 2024?
Former President Donald Trump’s legal team revealed that they have encountered difficulties in securing a bond to cover the substantial judgment against him in the civil fraud case.
According to Trump’s attorneys, they have approached around 30 insurance underwriters in attempts to secure the bond, which is required to be posted by the end of the month.
However, they have been unsuccessful in finding a company willing to underwrite a bond of such magnitude.
“The amount of the judgment, with interest, exceeds $464 million, and very few bonding companies will consider a bond of anything approaching that magnitude,” Trump’s lawyers stated in their submission to the court.
The judgment against Trump, which totals $464 million including interest, stems from a civil fraud case initiated by New York Attorney General Letitia James.
The case alleges fraud, conspiracy, and the issuance of false financial statements and business records by Trump and his co-defendants, including his adult sons Don Jr. and Eric.
Former U.S. President Donald Trump.
Appeals process
Trump’s legal team argued for a delay in posting the bond until the conclusion of the appeals process.
They contended that the value of Trump’s properties far exceeds the judgment and requested the court to postpone the bond requirement until after the appeal to New York’s highest court is heard.
In response to these assertions, an insurance broker who testified for Trump during the trial, Gary Giulietti, stated in an affidavit that securing a bond in the full amount “is a practical impossibility.” He noted that potential underwriters are insisting on cash to back the bond, rather than properties.
Despite Trump’s appeal against the ruling, he is required to post a bond to prevent the state from enforcing the judgment during the appellate process, which could extend over several years.
Trump’s legal troubles extend beyond this case.
Just earlier this month, he posted a $91.6 million bond as part of his appeal in the E. Jean Carroll defamation case.
However, Trump’s legal team has encountered similar challenges in securing underwriters for bonds of such large amounts.
